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FIS agrees to acquire remaining 78% stake in mFoundry

US-based banking and payments technology company FIS has entered into a definitive agreement to purchase the remaining 78% interest in mobile banking and payment services provider mFoundry, in a deal valued at approximately $120m.

The acquirer, who already holds 22% stake in the company, intends to expand its penetration in mobile financial space by leveraging technology and resources of both firms.

Pending regulatory approvals as well as customary and contractual closing conditions, the transaction is likely to complete by the end of the first quarter of 2013.

Set up in 2004 and providing services to over 850 clients, mFoundry’s mobile banking platform has been adopted by banks including Bank of America, PNC Bank, Zions Bank, credit unions, payments processors and retailers in the country.

Headquartered in Jacksonville, Florida, FIS serves more than 14,000 institutions in over 100 nations and has a workforce of over 32,000 staff globally.